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SEOUL, April 2 Asia Pulse - Top South Korean and U.S. negotiators worked through the night past a second deadline on Monday to try to forge a bilateral free trade agreement (FTA) amid growing indications that a deal was imminent.
A South Korean government official close to the talks said his government was waiting for a rely from the United States after delivering its final proposal for the terms of an agreement.
"The ball is now in the U.S. court," the official said, asking that he not be identified.
After most disputes over two key outstanding issues, autos and beef trade, were resolved, the same official said he anticipated a positive U.S. response to the final South Korean proposal.
The final stage of negotiations began a week ago amid a looming weekend deadline. As the talks dragged on, a second deadline was set for 1 a.m. on Monday (1600 GMT Sunday) but it again was let go without agreement.
Still, negotiators have several hours to go until U.S. President George W. Bush must notify the Congress of his intention to sign a deal with South Korea under his "fast-track" trade promotion authority which expires on July 1.
That authority requires a mandatory 90-day congressional review of a deal before voting for or against without amendments. South Korea has no time limitations for getting approval from its parliament where supporters are believed to outnumber opponents.
Source: HighBeam Research, DEAL IMMINENT IN SOUTH KOREA-US FTA TALKS: SOURCES.